He acquired the New Jersey Nets basketball team in 2004 for $300 million (he has since sold most of his shares to continue funding the project) for the purpose of moving them to the Pacific Park development on Brooklyn's Prospect Heights play in the arena that would be the centerpiece of the Pacific Park commercial and residential redevelopment project. The arena was conceived by Bruce Ratner of real estate developer Forest City Ratner Companies, the New York division of Forest City Enterprises that Ratner founded. It is leased by Brooklyn Event Center LLC, owned by Brooklyn Nets owner Joseph Tsai, with operations (and associated revenue) managed by Tsai's BSE Global. The arena is owned by the State of New York's Empire State Development authority through a public entity named the Brooklyn Arena Local Development Corporation. Its first event was a Jay-Z concert on September 28, 2012. Groundbreaking for construction occurred on March 11, 2010, and the arena opened on September 21, 2012, which some 200 protesters also attended. As a result, construction was delayed until 2010, with no secure funding for the project having been allotted. The global recession of 2009 also caused financing for the project to dry up. Its use of eminent domain and its potential environmental impact brought massive community resistance, especially as residential buildings and businesses such as the Ward Bakery were to be demolished and large amounts of public subsidies were used, which led to multiple lawsuits. The arena, proposed in 2004 when real estate developer Bruce Ratner purchased the Nets for $300 million as the first step of the process to build a new home for the team, experienced significant hurdles during its development.
The site is at Atlantic Avenue, next to the renamed Atlantic Avenue–Barclays Center subway station on the 2, 3, 4, 5, B, D, N, Q, R and W routes, as well as directly above the LIRR's Atlantic Terminal. The arena is part of a $4.9 billion future business and residential complex now known as Pacific Park. The arena also hosts concerts, conventions and other sporting and entertainment events. The arena is home to the Brooklyn Nets of the National Basketball Association and the New York Liberty of the Women's National Basketball Association. Long Island Nets ( NBA D-League) (2016–2017)īarclays Center is a multi-purpose indoor arena in the New York City borough of Brooklyn.
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